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Roulstone opened Roulstone Roofing service on April 1. Transactions for April follow: a. Apr. 1 - Roulstone contributed $11,500 cash to the business in exchange for common stock. b. Apr. 2 - Paid $6,100 cash for the purchase of a used truck. c. Apr. 2 - Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. d. Apr 3 - Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. e. Apr. 5 - Purchased $1,200 of supplies on credit. f. Apr. 5 - Received an advance of $1,800 cash from a customer for roof repairs to be done during April - May. g. Apr. 12 - Billed customers $5,500 for roofing services performed. h. Apr. 18 - Collected $4,900 cash from customers toward their accounts billed on April 12. į. Apr. 29 - Paid $675 cash for truck fuel used in April. j. Apr. 30 - Paid $100 cash for April newspaper advertising k. Apr. 30 - Paid $4,500 cash for assistants' wages earned. I. Apr. 30 - Billed customers $4,000 for roofing services performed. Required Record transactions and accounting adjustments using the following template: Transaction Cash +NonCash = Liabilities Asset Assets + Contrib. Capital Earned Revenues Expenses Capital Net income Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $14,000, and Heidi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, capital, $40,000; Heidi, capital, $58,000. Jordon's capital account balance at the end of the year is a. $54,000 b. $46,000 c. $74,000 d. $68,000

Roulstone opened Roulstone Roofing service on April 1. Transactions for April follow: a. Apr. 1 - Roulstone contributed $11,500 cash to the business in exchange for common stock. b. Apr. 2 - Paid $6,100 cash for the purchase of a used truck. c. Apr. 2 - Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. d. Apr 3 - Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. e. Apr. 5 - Purchased $1,200 of supplies on credit. f. Apr. 5 - Received an advance of $1,800 cash from a customer for roof repairs to be done during April - May. g. Apr. 12 - Billed customers $5,500 for roofing services performed. h. Apr. 18 - Collected $4,900 cash from customers toward their accounts billed on April 12. į. Apr. 29 - Paid $675 cash for truck fuel used in April. j. Apr. 30 - Paid $100 cash for April newspaper advertising k. Apr. 30 - Paid $4,500 cash for assistants' wages earned. I. Apr. 30 - Billed customers $4,000 for roofing services performed. Required Record transactions and accounting adjustments using the following template: Transaction Cash +NonCash = Liabilities Asset Assets + Contrib. Capital Earned Revenues Expenses Capital Net income Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $14,000, and Heidi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, capital, $40,000; Heidi, capital, $58,000. Jordon's capital account balance at the end of the year is a. $54,000 b. $46,000 c. $74,000 d. $68,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Roulstone opened Roulstone Roofing service on April 1. Transactions for April follow: a. Apr. 1 - Roulstone contributed $11,500 cash to the business in exchange for common stock. b. Apr. 2 - Paid $6,100 cash for the purchase of a used truck. c. Apr. 2 - Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. d. Apr 3 - Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. e. Apr. 5 - Purchased $1,200 of supplies on credit. f. Apr. 5 - Received an advance of $1,800 cash from a customer for roof repairs to be done during April - May. g. Apr. 12 - Billed customers $5,500 for roofing services performed. h. Apr. 18 - Collected $4,900 cash from customers toward their accounts billed on April 12. į. Apr. 29 - Paid $675 cash for truck fuel used in April. j. Apr. 30 - Paid $100 cash for April newspaper advertising k. Apr. 30 - Paid $4,500 cash for assistants' wages earned. I. Apr. 30 - Billed customers $4,000 for roofing services performed. Required Record transactions and accounting adjustments using the following template: Transaction Cash +NonCash = Liabilities Asset Assets + Contrib. Capital Earned Revenues Expenses Capital Net income Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $14,000, and Heidi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, capital, $40,000; Heidi, capital, $58,000. Jordon's capital account balance at the end of the year is a. $54,000 b. $46,000 c. $74,000 d. $68,000
Transcribed Image Text:Roulstone opened Roulstone Roofing service on April 1. Transactions for April follow: a. Apr. 1 - Roulstone contributed $11,500 cash to the business in exchange for common stock. b. Apr. 2 - Paid $6,100 cash for the purchase of a used truck. c. Apr. 2 - Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. d. Apr 3 - Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. e. Apr. 5 - Purchased $1,200 of supplies on credit. f. Apr. 5 - Received an advance of $1,800 cash from a customer for roof repairs to be done during April - May. g. Apr. 12 - Billed customers $5,500 for roofing services performed. h. Apr. 18 - Collected $4,900 cash from customers toward their accounts billed on April 12. į. Apr. 29 - Paid $675 cash for truck fuel used in April. j. Apr. 30 - Paid $100 cash for April newspaper advertising k. Apr. 30 - Paid $4,500 cash for assistants' wages earned. I. Apr. 30 - Billed customers $4,000 for roofing services performed. Required Record transactions and accounting adjustments using the following template: Transaction Cash +NonCash = Liabilities Asset Assets + Contrib. Capital Earned Revenues Expenses Capital Net income Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $14,000, and Heidi made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Jordon, capital, $40,000; Heidi, capital, $58,000. Jordon's capital account balance at the end of the year is a. $54,000 b. $46,000 c. $74,000 d. $68,000
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